The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday, said the Nation’s oil and gas reserves as of January 1, 2024, stand at 37.50 billion barrels, from 37.046 billion barrels recorded as of May 2022.
Addressing a News Conference in Abuja on Monday, The Commission Chief Executive ,Engr Gbenga Komolafe, said the gas and non-associated gas reserves stand at 102. 59 trillion cubic feet (TCF) and 106.67 TCF respectively, resulting in total gas reserves at 209.26 TCF.
The declaration is in line with the provisions of Sections 7 (i), (j), (k) and (r) of the Petroleum Industry Act (PIA) 2021 which stipulates that all operating exploration and production companies are to submit their annual report of reserves to the Commission.
The development comes after reports on how the country’s crude oil production dropped in February and March 2024.
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Komolafe at the briefing also unveiled an approved guideline for the Domestic Crude Oil Supply Obligations.
He said issues relating to crude supply regulation and enforcement, are critical in prioritising the supply of feedstock to local refineries and addressing complaints from oil producers and Dangote Refinery within the stipulated period.
He says the second half of 2024 will witness increased synergy between local refineries and producing companies, setting the stage for a more robust and self-reliant petroleum landscape in Nigeria.
The guideline which is now in effect resolves several issues Including, Legal issues, oil requirements, mode of payment, currency of payment, Logistics amongst others.
The NUPRC boss said the new template will ensure the seamless implementation of the Domestic Crude Oil Supply Obligations.
(Editor: Paul Akhagbemhe)
